Aaaaand Its Gone

If your business was operating on such a small margin then it was doomed to fail anyway.

Even places like Dominoes Pizza, for example, shut down. Margins are always tight, when competition is strong. It's what keeps prices low for consumers.

Domino's*

It's not only salary. When small businesses are forced to raise wages, they also raise prices. Big businesses already have low prices because of their money. So to increase your price even more, is to become even more unattractive. If you lose customers you lose revenue. So higher prices for manpower and lower revenue. It's super easy to lose money